We all get curious and want to know what our property is worth, perhaps without the expense of a full Real Estate Appraisal which can run around $400 CAD and a Market Analysis or CMA can be free if enlisting the help of a Realtor, but some homeowners are hesitant to involve a Professional before they are ready to make a move. There are numerous on-line options, some that are free and some that will require a fee.
We decided to give a few of these tools a try and found a wide range of value for a specific property (as much as $100,000 difference). These tools can be tempting for someone wishing to get a ball park value for their property, however given the wide range that can be indicated, it is not advisable to base a major decision on the valuation provided from on-line tools.
There are multiple factors that determine the value of a given property and one is certainly location, the second is condition and of course the state of the current real estate market and whether it is a Buyer’s or Seller’s Market, will dictate value to a degree.
There are easy (and free) ways to get an idea of what your property is worth, by attending regular Open Houses in your neighbourhood or use a web site like that allows you to see all Active MLS listings in your area as well as properties that are under Contract and have an Offer on them. The site reveals per square foot cost, any price reductions, house size, beds, baths etc. The site also has an option for you to sign up for weekly, bi weekly, or monthly reports to stay on top the area in which you live or any other area of interest.
In the end, on-line tools are there as a guideline, however your final valuation should be prepared by a Professional in the field who can provide you with a report in writing, detailing why the value is as indicated and explain the differences between your property and the Comparable Properties in the Report.
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